The rise in value for electric vehicle company Tesla Inc TSLA has helped CEO and co-founder Elon Musk become the richest person in the world. A new filing from the company reveals how many shares of Tesla, Musk currently owns and might own soon.
What Happened: On Friday, Tesla announced its intention to conduct a 3-for-1 stock split with shareholder approval.
The filing also announced that Board of Directors member and Oracle Corp ORCL founder Larry Ellison will be stepping down from the company. Ellison is the largest individual shareholder of Tesla after Musk with a 1.5% stake in the company (15,290,975 shares).Ellison invested in Tesla in 2019 and later joined the Board of Directors in the same year.
Other large shareholders of Tesla shares as per the filing are Vanguard Group at 6% and BlackRock at 5.1%. Musk’s brother and Tesla Board of Directors member Kimbal Musk owns 683,490 shares of Tesla.
Related Link: 5 Things You Might Not Know About Elon Musk
Musk’s Tesla Ownership: The new filing from Tesla reveals that Musk is estimated to own 23.5% of the company. The estimate comes from 172,608,251 shares currently owned by Musk and 92,880,355 shares that are issuable to Musk through stock options within 60 days after March 31, 2022. The total shares Musk could own are 265,488,606 shares.
The filing also says that 89,186,960 shares are “pledged as collateral to secure certain personal indebtedness.”
The current 172,608,251 shares owned by Musk are worth $120.25 billion as of Friday prior to the stock split announcement. With the fully exercised total, Musk’s stake in Tesla would be worth $184.96 billion.
The Bloomberg Billionaire’s Index ranks Musk as the world’s richest person, worth $209 billion. Ellison ranks 11th on the list at $84.7 billion.
Price Action: Tesla shares closed at $696.69 on Friday, according to Benzinga Pro.
Photo: Created with an image from Ministerio Das Comanicacoes on Flickr